This dissertation aims to view the most important principles, restraints and operative rules in the Sultanate with respect to the bankruptcy system in general and the bankruptcy of the limited partnership companies in particular, and the impact of such bankruptcy on the company itself and its partners and creditors, through clarifying the following points: - The identification of the limited partnership companies in accordance with the Omani law, - The bankruptcy of the limited partnership companies and its formal and subjective conditions. - The most important principles and rules upon which the bankruptcy is grounded. - Partners type of the limited partnership companies. - The legal base upon which the bankruptcy consequences might be extended to the partners. The partners involved with the bankruptcy in the limited partnership companies. - The impact of the bankruptcy on all types of creditors (regular, distinguished and mortgagees). The researcher has processed and analyzed all elements comprise this research that might lead to the most important legal bases, restraints and rules which regulate the bankruptcy process of the companies and its impact on the company itself, partners and the creditors. The most outstanding outcomes that the study concluded are: - The Omani legislator has set bases and restraints for the bankruptcy to stand on in general and for the limited partnership companies in particular. - The Omani legislator has set some restraints through which the company's creditors can be protected in case the company went bankrupt, also he considered the creditors contradicted interests and achieved the balance among them. - The Omani legislator has ostensibly clarified the rights and duties undertaken by the partners of the limited partnership companies in case of its declaration of bankruptcy. The Omani legislator, in support to those companies, has considered the ill-fated and well-meaning companies to avert their declaration of bankruptcy through setting anti-bankruptcy reconciliation.